Crypto Trader Makes Risky Bet for $8 Million Profit in 20 Minutes

The rise of cryptocurrencies has introduced a transformative era in finance, offering possibilities for decentralization and transparency.

Despite these promising traits, the practical utility of digital assets remains in its early stages.

While initially attracting tech-savvy enthusiasts, cryptocurrencies have since evolved into mainstream financial tools. However, much of their adoption revolves around speculation rather than their intended applications. Over time, the market has begun to show signs of stability. Factors like growing ties to traditional markets, the emergence of stablecoins, and increased institutional involvement have helped temper the notorious volatility.

Despite these changes, the allure of massive profits persists, particularly in the world of meme coins. Such opportunities, though rare, continue to capture attention. One recent example involved a trader who turned a calculated risk into an $8.36 million profit in just 20 minutes.

In a daring move, this trader invested around $5.36 million worth of Solana (23,742 SOL) to buy 239.6 million Pudgy Penguins (PENGU). Riding a meteoric 780% price surge in just a single day, they sold their holdings for $13.72 million (60,726 SOL), walking away with an $8.36 million gain.

Interestingly, a user going by the pseudonym “Nakasintos” on platform X claimed responsibility for the trade. However, this claim remains unverified. On-chain activity also revealed that the account executed over 500 trades in an hour, hinting at the use of automated trading strategies.